UNIS(SZ:000938) Haitong Securities·2024-09-09 04:05Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The report highlights a significant increase in Q2 performance, with a year-on-year revenue growth of 5.29% to 37.951 billion yuan and a net profit of 1 billion yuan, showing a slight decline of 2.13% [6][7] - The acquisition of the remaining 30% stake in Xinhua San has been completed, increasing the company's ownership from 51% to 81%, which is expected to enhance Xinhua San's growth potential and profitability [7] - Revenue projections for 2024-2026 are estimated at 86.484 billion yuan, 98.077 billion yuan, and 111.459 billion yuan respectively, with net profits expected to reach 2.526 billion yuan, 3.622 billion yuan, and 4.349 billion yuan [7][8] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 37.951 billion yuan, with a Q2 revenue of 20.945 billion yuan, reflecting a quarter-on-quarter increase of 23.16% [6] - The gross profit margin for Q2 was 18.28%, down 1.47 percentage points from the previous year [6] - The company’s inventory increased by 53.75% year-on-year to 30.473 billion yuan, indicating rapid growth in stock levels [6] Business Segments - The ICT infrastructure and services segment generated 26.154 billion yuan in revenue, up 5.43% year-on-year, with a gross margin of 24.37% [6][10] - The IT product distribution and supply chain services segment saw a revenue of 13.616 billion yuan, with a year-on-year growth of 6.26% [10] Valuation and Forecast - The report provides a valuation range for 2024 based on a PE ratio of 30-35 times, suggesting a fair value range of 26.50 yuan to 30.91 yuan per share [7][8] - The projected EPS for 2024, 2025, and 2026 are 0.88 yuan, 1.27 yuan, and 1.52 yuan respectively [8][11]